Price of Gold Fundamental Daily Forecast – Firm US Dollar Weighs on Gold as COVID Worries Rise

Gold futures are under pressure on Friday after hitting a one-month high the previous session. Nonetheless, the market is trading up $8.00 for the week, putting it in a position to post its fourth straight weekly rise. Weighing on gold prices today is a stronger U.S. Dollar and a rebound in Treasury yields. Despite today’s setback, the market is being underpinned by the Fed’s dovish stance on monetary policy.

At 11:40 GMT, August Comex gold is trading $1817.20, down $11.80 or -0.65%.

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In other news, holdings of SPDR Gold Trust, the world’s largest gold-backed exchange-traded fund, fell 0.3% to 1,034.37 tonnes on Wednesday, its lowest in nearly two months.

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